HFM, formerly HotForex, describes itself as a regulated broker, and the group does hold real licenses, including one from the DFSA in Dubai. But its international website is operated under HF Markets (SV) Ltd, a company registered in St Vincent and the Grenadines that holds no forex license. That gap drives this review.
Is HFM regulated?
Partly. The group’s licensed entities include HF Markets (UK) Ltd (FCA 801701), HF Markets (DIFC) Ltd (DFSA F004885, licensed in December 2018 to deal with retail clients on a matched-principal basis) and HF Markets (Seychelles) Ltd. The hfm.com international footer, though, names HF Markets (SV) Ltd, an international business company registered in St Vincent in 2015. St Vincent’s regulator has said it doesn’t license or supervise forex trading.
Public complaints filed in 2025 and 2026 name HF Markets (SV) Ltd as the client’s counterparty, which suggests international accounts sit with the St Vincent company. We score the entity that serves you, so HFM’s regulation score reflects a tier-4 registration, not the DFSA or FCA licenses in its marketing.
HFM in your country
- UAE: the international site says it doesn’t serve UAE residents. UAE traders go through HF Markets (DIFC) Ltd, a DFSA-licensed company, which is a genuine strength for UAE readers.
- India: HF Markets is on the Reserve Bank of India’s Alert List of unauthorised forex platforms, even though HFM runs a Hindi-language site.
- Saudi Arabia, Pakistan and Malaysia: no local license found. HFM runs Arabic, Urdu and Malay versions of its site.
- Philippines: the Philippine SEC issued an advisory on 12 December 2025 against HFM for soliciting investors without local authorisation.
Accounts and leverage
HFM offers Cent, Zero, Pro and Premium accounts, plus InfinityX, which advertises unlimited leverage with zero margin requirements. Pro, Zero and Premium go up to 1:2000. The Premium account has no minimum deposit and no commission, and several accounts are marketed as swap-free. Unlimited leverage means a small move can wipe out an account almost instantly.
Platforms
HFM offers MT4, MT5, the HFM app and a browser-based WebTrader with TradingView charts, plus copy trading and PAMM accounts.
Withdrawals and complaints
HFM says it segregates and insures client funds. On a public complaints forum, a run of 2025 and 2026 posts from HFM clients report cancelled profits and closed accounts under its prohibited-trading terms. We can’t verify individual cases, but the pattern lowers the withdrawals and transparency scores.
Who HFM suits
For UAE residents served by the DFSA entity, HFM is worth a look. For traders elsewhere in Asia and the Gulf, the international business runs through an unlicensed St Vincent company, and the very high leverage on offer adds risk.